Don’t misinterpret Nigeria’s GDP rebasing as economic progress, ADC warns

The African Democratic Congress (ADC) has stated a strong reservation for the new Nigerian Gross Product Rebasing Exercise (GDP), warning that renewed figures should not be misinterpreted as proof of economic recovery amid in -depth difficulties for ordinary citizens.

In a statement released on Tuesday, ADC said that while rebasing exercises could increase certain fiscal indicators, such as increasing the debt ratio to the country’s GDP, it failed to overcome persistent structural challenges such as food inflation, mass poverty, and the worsening of infrastructure.

Signed by the Secretary of the National Publication of the Party, Mallam Bolaji Abdullahi, the statement questioned the practical implications of the GDP that was released again in Nigerian daily life, emphasizing that economic growth must be measured by real improvement in living standards.

“Economic growth must be felt by citizens in terms of improving living standards, not only through numbers,” Abdullahi said. “If the numbers are not translated into better results in the household and market, then we must ask what kind of growth we celebrate.”

ADC remembers that after a similar rebasing in 2014, Nigerian GDP worth $ 509 billion, made it Africa’s largest economy at that time. Conversely, the current rebasing exercise set Nigerian GDP at a price of $ 244 billion, now lagging behind South Africa, Egypt and Algeria.

While acknowledging that Nigeria’s nominal GDP has risen to ₦ 373 trillion, ADC believes that the real economic value has been significantly damaged by prolonged currency devaluation and improved inflation, both of which have been very eroded by the purchasing power of citizens.

The party also highlighted the decline in GDP per capita, which had dropped from $ 3,223 in 2014 to around $ 1,000, the number described as “a serious reflection of economic contractions, not growth.”

“Rebasing can increase fiscal metrics on paper,” the statement reads, “but does not eliminate the need for wise economic management. What Nigeria needs now is the implementation of focused policy and fiscal discipline.”

The ADC subsequently urged the federal government to prioritize structural reform, with special emphasis on agricultural revitalization, strengthening manufacturing capacity, and investing in critical infrastructure.

In addition to its economic issues, the party also criticized the time and how to announce the rebasing, calling for greater transparency and inclusive transparency in the formulation and communication of national economic policy.

The statement ended with a call for a development strategy that anchored on measurable and inclusive growth, stating that economic statistics must reflect the original progress rather than replacing it.

“In the end,” ADC stated, “Nigeria does not live in a spreadsheet. Growth must be seen, it must be felt, and above all, it must be shared.”